This thread is meant for stock mkt trading based on technicals and other rational theories....not meant for blindly making recommendations based on air...we will all be right and wrong, but here lets at least have a reason why we think the way we do.

I posted this chart 1-2 wks ago and this was one of the reasons a long position was reasonable at the time.

the % of SPX stocks trading below the 50 day moving avg can sniff out bottoms...every time it goes below 30% usually marks a bottom...also need to watch blow off tops in the VIX(watch if its trading above 2 standard deviations above the mean).

I usually post on trading boards but since I spend alot of time on here, I will start a thread here.

Im not a super technician though I watch for certain patterns, pivot points and such but either way I'll play!

im watchin for the test of the 1300, since we got a local bottom at 1250. I was fully expecting the bounce off of 1250, now the question is can it reverse the short run trend of making lower highs?

Im pulling back longs in my main portfolio have been since the 1350 high was set and goin cash for now. Too much headline risk though I was very tempted to play the bounce off 1250, now its too late and we're already at resistance. Action over the next couple days will determine if this market can breakout.. at which point I will continue to liquidate main portfolio (ie. for investing) into rallies and look for a put opportunity in my speculative option account.

Obviously my bias short run is for falling prices overall until the market proves otherwise so im looking for a strong rally ultimately to fail at the 1350 high set earlier this year then falling rapidly then leading to QE3. And if Im wrong and it goes beyond 1350 and rally looks like it has legs, well its risk on again

I think we rally for next week or two....looking for ES target of 1320...we either pull back at at this level but if mkts accept prices above this level we will rally for rest of yr and make new all time highs in the mkts.

Im not a super technician though I watch for certain patterns, pivot points and such but either way I'll play!

im watchin for the test of the 1300, since we got a local bottom at 1250. I was fully expecting the bounce off of 1250, now the question is can it reverse the short run trend of making lower highs?

Im pulling back longs in my main portfolio have been since the 1350 high was set and goin cash for now. Too much headline risk though I was very tempted to play the bounce off 1250, now its too late and we're already at resistance. Action over the next couple days will determine if this market can breakout.. at which point I will continue to liquidate main portfolio (ie. for investing) into rallies and look for a put opportunity in my speculative option account.

Obviously my bias short run is for falling prices overall until the market proves otherwise so im looking for a strong rally ultimately to fail at the 1350 high set earlier this year then falling rapidly then leading to QE3. And if Im wrong and it goes beyond 1350 and rally looks like it has legs, well its risk on again

I think we rally for next week or two....looking for ES target of 1320...we either pull back at at this level but if mkts accept prices above this level we will rally for rest of yr and make new all time highs in the mkts.

agreed.. sorry was not looking at my charts at work so I was quoting roundabout numbers from memory of my charts.. I think we are pretty much in agreement. It can be a good thing to get verification from someone else but I would love to see someone disagree... you only learn when someone questions your thought process... but I dont think we are gonna get that here..

agreed.. sorry was not looking at my charts at work so I was quoting roundabout numbers from memory of my charts.. I think we are pretty much in agreement. It can be a good thing to get verification from someone else but I would love to see someone disagree... you only learn when someone questions your thought process... but I dont think we are gonna get that here..

Bernanke disappointed so all bets off...mkts can go either way now...we needed a sniff of QE3 and didnt get it...

No QE3 hint is precisely why its going nowhere. Commodities are a poor hedge when overall economy is about to tank.. slv is better for when things are heating up, inflation wise, with deflationary head winds coming precious metals are not the ideal hedge.. but wait till QE3 ... it will take off!

No QE3 and SLV has not budged. WTF????? I thought owning SLV ETF's would offset my other losses. Guess not.

Metals and the general mkts move the same way...QE means weak dollar...weak dollar means hidden inflation , which ultimately means asset prices must go up, including metals....so no QE3 means strong dollar(look at the USD today up big) which means the metals will get crushed along with the general mkts.

If you want to hedge long positions, either buy deep in the money SPY puts or ZSL, which is a double inverse short silver etf.

If we could just take out 1290 to complete the mini cup handle pattern we should head towards your 1313 target...buying pressure is coming in though...you can see the money flow coming into the metals including miners(although SLV down today).

we are 1 gap up from completing cup/handle pattern...LT and ST trend up now...if ES clears 1295-7 and mkt accepts prices above this area then IT trend flips upward also and the 2 month bear we witnessed prob over...sentiment readings say we rally for awhile now...we were too oversold and bear sentiment too high.

anybody remember this chart posted awhile back...TA doesnt lie, only humans...not sure what that means but it sounds cool.......this is why charts are so important, its cuts through the BS...I want targets people and why!.......this chart was posted 8 days ago.